Hyundai-Nishat Motors increases car prices

Hyundai-Nishat Motors increased the cost of their automobiles on Wednesday in response to the challenging economic climate and currency devaluation.

Elantra’s 1.6 and 2.0 models now cost Rs400,000 more each, at Rs5.699 million and Rs6.099 million, respectively.

Moreover, the price of the well-liked crossover SUV Tucson AWD has increased by Rs500,000 to Rs7.899 million.

The price of the Tucson FWD, Sonata 2.0L, and Sonata 2.5L were also hiked by Rs500,000 apiece, bringing them to Rs7.399 million, Rs8.649 million, and Rs9.399 million, respectively.

New price increases by carmakers are being implemented in Pakistan’s auto industry, mostly as a result of the recent weakening of the currency. During the current fiscal year, the currency has lost 23.8% of its value versus the US dollar.

The new rates became effective from February 1, 2023.

Indus Motor Company (IMC), the manufacturer and retailer of Toyota automobiles in Pakistan, doubled the pricing for its cars in January.

Earlier, Honda Atlas Cars increased prices across the board, with certain models seeing increases of up to Rs550.000.

In addition, Pak Suzuki raised the price range of their cars from Rs115,000 to Rs355,000, citing rising production costs and economic unpredictability.

Many competitors, notably Atlas Honda, are raising their prices in the two-wheel section of the market. The business increased the pricing of its bikes on Tuesday by up to Rs30,000, effective as of February 1.

The prices of Pak Suzuki’s two-wheelers have also increased, by as much as Rs25,000. The revised prices go into effect on February 1.